Industrial businesses, either on a light or heavy scale, come with many high risks. This a sector where risk of injury is higher than others and when running a light or heavy industrial premises you need to be sure you have the right industrial insurance policy in place. Many companies offer quotes to cover all elements of your industrial business, avoiding the need to invest in several different policies.
Different Types of Industrial Insurance
There are many different types of insurance you may need for your industrial premises and business. The first type to consider is industrial property insurance. Specialist buildings and contents insurance may be necessary, and this will ensure the premises is insured against fire, gas explosion and many other potentially perilous occurrences including flood, storm damage and explosion. Buildings insurance covers the premises for the full rebuilding cost in the event of a disaster and contents insurance will cover the cost of your stock at cost price. Machinery, plant and business equipment insurance is possible in two different ways. You can either choose from “replacement as new” or “indemnity” with the latter taking into account wear and tear when a claim is settled.
Industrial business owners may also want to consider business interruption insurance. Should something such as damaged equipment or an accident stop business, you can claim for the equipment. You will not be able to claim for lost time and capital unless you have business interruption cover as part of your policy. It compensates for any shortfall in gross profit due to a number of unexpected events. These will differ from policy to policy so it important to look in-depth before choosing any insurance provider.
Liability Insurances for Industrial Businesses
Many of the liability insurance policies business owners find in a regular business insurance policy are relevant to industrial businesses too. Industrial business owners are likely to have employees working on their premises. This means employer’s liability insurance is a legal requirement. Similarly, for industrial businesses involved in manufacturing products or parts of products, product liability insurance is also a vital type of cover.
Public liability insurance is not a legal requirement, but it ensures your business is protected against claims from third parties. It protects against claims brought by any third party for injury or loss related to your business and work, including damage to property.
Compare Industrial Insurance with Just Quote Me
Just Quote Me has been helping businesses in many sectors find the right insurance cover for many years. Our insurance experts can help you explore industrial insurance quotes and find the best option for your business.
To Compare Industrial Insurance Quotes Online:
Visit our online Quote System or call us for FREE on 0800 084 2325